April 20, 2024

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[THE INVESTOR] Woori Bank CEO Lee Kwang-goo on Nov. 2 announced that he is stepping down from his post following allegations that the bank preferentially recruited some employees with ties to influential people, including government officials and VIP clients.

Lee sent out an email to employees saying: “As the CEO of Woori Bank, I apologize to the people and customers for causing social controversy involving new recruitments in 2016. Taking moral responsibility, I expressed my intention to resign at the emergency board meeting.” 

Woori Bank CEO Lee Kwang-goo

Since he took office in December 2014, the CEO successfully led the bank’s long-awaited privatization along with strong earnings last year. His term was renewed in March this year for another two years.

The bank has been accused of receiving requests to give preferential treatment to offsprings of powerful people, including government officials at the Financial Supervisory Service and National Intelligence Service as well as the bank’s important clients. Upon requests, the bank’s executives recommended them and hired as many as 16 such job applicants during last year’s recruitment process.

The illegal hiring was revealed by a lawmaker on Sept. 17 during the National Assembly’s annual inspection of government. Woori Bank’s internal investigation also found that the bank‘s human resources department created a document containing illegal requests and recommendations.

Several Woori Bank executives will soon face prosecutors’ investigations.

By Park Ga-young (gypark@heraldcorp.com)